OTI gets US$5 million loan from the SIDF

On Jun 16, 2013

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BASSETERRE, ST. KITTS, (CUOPM) – The Ocean Terrace Inn (OTI) is getting a US$5 million loan from the St. Kitts and Nevis Sugar Industry Diversification Foundation (SIDF).

The SIDF announced Friday that the OTI – the Federation’s oldest boutique hotel – will be upgraded through the loan given to its parent company, the St. Kitts-Nevis-Anguilla Trading and Development Company (TDC).

“The loan to the landmark hotel will include substantial improvements to the hotel plant, infrastructure and amenities and the use of state of the art green technology for energy conservation,” said the SIDF.

It added that the partnership reflects the confidence of TDC and SIDF in the future of the tourism sector as a key component of the country’s economy.

“In making the loan, SIDF is executing one of its purposes of supporting, financing or undertaking the development of new and existing industries, projects or enterprises,” the statement said.